Is Bitcoin's 'Trump Trade' Still Valid? It's Complicated But Watch These Two Data Points
Portfolio Pulse from Murtuza Merchant
Bitcoin's price movement is increasingly detached from Donald Trump's rising election odds, despite being labeled as the 'Trump Trade'. Analysts suggest broader economic indicators, such as upcoming PCE and NFP reports, may influence Bitcoin's performance more than political sentiment.
October 28, 2024 | 1:23 pm
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NEUTRAL IMPACT
Bitcoin's price is not aligning with Trump's rising election odds, indicating a weakening correlation. Economic indicators like PCE and NFP reports may have a greater impact on BTC's price.
Despite Trump's rising election odds, Bitcoin's price has only seen an 8% gain in October, diverging from historical trends and the so-called 'Trump Trade'. Analysts suggest that upcoming economic reports, such as PCE and NFP, may have a more significant impact on Bitcoin's price than political developments.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80